Former Thai finance minister victim of fugitive bank manager

A powerful Thai politician was one of the main victims of a fugitive Hang Seng bank manager who allegedly stole more than $30 million.

Chavarat Charnvirakul, Thailand's former deputy finance minister, has confirmed he was the man named in court documents as the victim of former bank manager Ng Hang-chung.

But Mr Chavarat added a new twist to the tale when he denied the sum taken from his account was $5 million, as claimed in court.

'It is very funny that such a big amount should be mentioned,' he said from Bangkok. 'That is completely wrong. It was only a small savings account and I have already forgotten about it. It was peanuts.'

Mr Chavarat was named along with another Thai national, who lost $143,349, in Hong Kong extradition proceedings launched in Britain against Yuen Cam-fung, the wife of Ng.

The whistle was only blown on the fraud when Hang Seng officials apparently uncovered a catalogue of crooked deals involving companies owned by Ms Yuen.

However, Ms Yuen, 52, has so far managed to fight off extradition attempts by the SAR despite being the owner of the three companies.

Attempts by SAR police at snaring her husband have failed since the offences took place more than three years ago.

Ng is believed to be living off the proceeds, which were withdrawn from his wife's company accounts almost as soon as they were illegally deposited.

It is understood that the stolen money, estimated by police to be about $35 million, has not been recovered.

When the Sunday Morning Post tracked down Ms Yuen to her home, in fashionable Earl's Court, west London, she openly wept. 'I don't know where he is,' she said. 'I don't want to talk to anyone. I have an appointment to see a nurse and can't talk any more.'

Mr Chavarat, whose family owns Sino-Thai Engineering Construction, said that he had set up the account more than 10 years ago.

Although initially Mr Chavarat said that the account was his savings, later in the interview he claimed: 'It's my cousin's money - for a little shopping.'

He said that he had met Ng, but could not remember much about him.

Asked when he had found out about the fraud, Mr Chavarat said: 'About three or four years ago. In the beginning I was upset, but not now. As far as I am concerned, this matter is between the bank and Mr Ng.'

Mr Chavarat initially claimed that the money had not been refunded, but later said the bank had compensated him.

The Hang Seng Bank refused to comment.

A police spokesman confirmed that Ng was wanted for furnishing a false instrument, possession of a false instrument, using a false instrument and procuring the making of an entry in the record of a bank by deception.

He said related charges would be laid against Ms Yuen after she had been returned to Hong Kong.